A trader known for calling the bottom of cryptocurrencies believes that Bitcoin (BTC) has begun to approach $100,000 or even higher.

Bluntz, a top trader at Bybit, told his 265,800 followers on the social media platform X that Bitcoin is in the fifth wave of a historic high.

The analyst uses Elliott Wave Theory, which suggests that bullish assets often experience a five-wave rally, with the first, third, and fifth waves being upward movements, while the second and fourth waves are correction periods.

Bluntz said,

"[Ultimately] the BTC weekly is an absolute monster, rising only from the low on [July 8].

I suspect the correction will come from around the $71,000 level of resistance, where all the marginalized have successfully FOMO'd (fear of missing out).

The market is very efficient in this regard."